Colombian Vice President German Vargas Lleras last Friday announced the finalisation of Decree 474 of 2015, which will regulate requests for concessions for the development of port activities in the Andean nation.
The announcement was made from Puerto Bahia, which is currently under development by a private partner and should be transitioning from construction to operational phase in the coming weeks.
“The facilities that have been launched during the last months will do much to boost Colombian exports,” Lleras said. “This is a breakthrough in the competitiveness of the country and the region, with 105 hectares dedicated to this great logistics port.”
Transport Minister Natalia Abello Vives explained that the decree is meant to stimulate and strengthen investment in Colombian port infrastructure.
“With this decree we are reducing paperwork, increasing transparency to the procurement process, and reducing the time it takes to process initial private company applications from one year to five months,” she said.
According to the Agencia Nacional de Infraestructura (AN), Colombia's P3 office, Decree 0474 of 2015 provides procedures to more quickly process requests for port concessions and temporary authorisations. It regulates the process of industrial fishing activities and explains the process to meet requirements while applying for port concessions, piers and authorisations.
Once completed, Puerto Bahia will feature a dock for liquid cargo and another for dry cargo. It will have the capacity to host Suezmax tankers of up to 180,000 tons.
Total investment for this project is estimated at COP$580 million ($233,073; €217,331). Bahia will become the first of Colombia's completed major port projects to be funded entirely by private investments.